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Fed Chair Jerome Powell. Photo: Joshua Roberts/Getty Images

No one could have predicted that it would take two hours for a member of the Senate to prod Fed Chair Jerome Powell about the Fed's political independence — or that the U.S. deficit would be such a central point of yesterday's hearing.

Why it matters: Powell answered a handful of questions about the U.S. debt and then chimed in on the modern monetary theory debate — whether or not deficits matter for countries like the U.S. that print their own money.

"The idea that deficits don't matter for countries that can borrow in their own currency I think is just wrong ... U.S. debt is fairly high to the level of GDP — and much more importantly — it's growing faster than GDP, really significantly faster. We are going to have to spend less or raise more revenue."
— Powell, in response to Sen. David Purdue's question about MMT

The caveat: Powell called out "unsustainable" federal debt in his opening remarks. But in response to questions from senators, he emphasized that "decisions about spending and controlling spending and paying for it" are up to Congress, not the Fed.

What's next: Powell will face the House Financial Services Committee — the first Democratic-controlled body of Congress he's seen since becoming chairman — at 10 am ET.

Go deeper: Fed's Powell sees "conflicting signals" in economy

Go deeper

Rep. Rice demands Cuomo resign after third woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.

55 mins ago - Politics & Policy

Scoop: Trump talked out of early Ohio endorsement

Jane Timken at a 2017 Trump rally. Photo: Kyle Mazza/NurPhoto via Getty Images

Donald Trump had to be talked out of making an early endorsement in Ohio's 2022 U.S. Senate race, a sign of his eagerness to reengage politically, people familiar with the conversations tell Axios.

What we're hearing: The former president discussed endorsing former state GOP chair Jane Timken last week during a meeting at Mar-a-Lago with RNC Chairwoman Ronna McDaniel, but top advisers — including Donald Trump Jr. — urged him to wait.